Revolut

[keino]

Can I use my Revolut personal account as a bank account to receive payouts via shopifypayments ? 

[Nick]

Hi @keino,

Nick here from Shopify. Good question! 

I spoke to our financial services team who said you could try, but it would not be supported so there is the possibility of failed payouts. Revolut would be considered a virtual payment service and not bank per se. To guarantee success - you would need to add a proper bank account (current or checking) based in a real physical bank, that is located in the region your store and the Shopify Payments account is set for. You can read more about Shopify Payments from the help guide Shopify has on it here. 

Are there any other questions you have about getting your store ready and setup? Let me know if you do. 

All the best, Nick

[cescapesca86]

Hello Nick,

I am also looking to change my bank account currently set up for Shopify Payments (a personal checking account at a physical US bank) to a new Revolut US Business bank account. This would mean one less bank account to deal with and pay for, so it would be very good for our business. Can you explain further why you say that a Revolut account might not work? "there is the possibility of failed payouts. Revolut would be considered a virtual payment service and not bank per se. To guarantee success - you would need to add a proper bank account (current or checking) based in a real physical bank, that is located in the region your store and the Shopify Payments account is set for."

The Revolut account we want to use is a US Revolut account (store is set to US, in USD). According to Revolut's website, an account number and routing number are provided, and it is possible to "Send and receive payments via ACH in the United States of America. The allowance is the combined number of inbound and outbound transfers. Payments between your Revolut accounts or from other Revolut accounts do not count towards the total. Upgrade your plan for a bigger allowance or pay a $0.2 fee per additional payment."

Can you please elaborate?

Thanks,
Francesca

[Nick]

Hi @cescapesca86,

You are welcome to try and use a virtual Revolut type account if you wish, but Shopify can’t guarantee that payouts will be successful because virtual accounts are not officially supported at the moment with Shopify Payments. So if you do run into failed payouts, and are using a virtual account, the only answer may end up being to switch to a supported bank account type. The last thing I would want to see is a failed payout to any store owner. 

I will submit a feature request on your behalf regarding this though and add your feedback from this topic reply. 

[AJ2020]

Is World First also in the same category as Revolut? They are virtual but seem to be affiliated with Citibank.

[Nick]

Hi @AJ2020,

I had not even heard of World First until you mentioned it here so I'm not sure to be perfectly honest. My advice would be to stick to a proper bank account (current or checking) based in a real physical bank, that is located in the region of your store to guarantee your payouts. 

[Garyyrag]

Is this still the case?

I have an irish revolut business bank account but it is appearing as failed to set up as the IBAN is not based in Ireland

[Nick]

Hi @Garyyrag,

This is still the case and hasn't changed.  

"Revolut would be considered a virtual payment service and not a bank per se. To guarantee success - you would need to add a proper bank account (current or checking) based in a real physical bank, that is located in the region your store and the Shopify Payments account is set for. You are welcome to try and use a virtual Revolut type account if you wish, but Shopify can’t guarantee that payouts will be successful because virtual accounts are not officially supported at the moment with Shopify Payments." 

[masterchief]

But Revolut has a European banking license: https://blog.revolut.com/we-got-a-banking-licence/

And they have one of the best, most modern and cost-efficient EU-wide payment processing solutions on the market: https://www.revolut.com/legal/business-acquiring

And Revolut offer great business accounts, free worldwide FX conversion, accounts in all global currencies, free IBAN bank transfers, free debit cards, free instant payments from all revolut users worldwide.

if Shopify want to be modern, state of the art, there is simply no way around native Revolut support.

[masterchief]

PS: revolut rules.